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Mods: I'm not sure if this is the right forum, so feel free to move it if it's not suitable.

Basically, I was wondering how sites such as SitePoint etc... attracted site partners. I remember a year or two back when SitePoint was own by Matt solely under Webmaster-Resources (still an amazing site) .

Also,

How much share in the business/site should I keep, if I've been developing it for over 2 years, and yet to reap the whole benefits?

What type of legal documents etc... need drawn up.

Does my plan suck:
Get 51% of business/site, will be the most active partner (sysadmin/programming/advertising etc..). Get three or four partners, give them 12.25% share in the business. The share will basically be the advertising revenue minus costs (which will be minimal).

Definitely make sure you arrange the revenue deals first. I was going to partner up with someone, and at first we both agreed to get the ad revenue from whatever pages we did ourselves. Then he wanted to go 50/50, when I did all the design and programming AND wrote content for the vast majority of pages. So we went our separate ways, and I had to redesign the entire site without any mention of his part!

It also depends what level site you have. If you have a smaller page, maybe about a sports team (that's the best analogy I can use, since it was me), find other small sites like yours. Between yourself and any partners you find, you can make a better product and acquire a lot more hits.

If you have a bigger site, then you want to make direct contact (telephone, personal meeting) and have a proposal drawn up. Don't go in without a pretty good idea of what you want to do and how you want to go about doing it.